Bitcoin has repeatedly pushed to new all-time-high price marks since the election, but it’s still no threat to the U.S. dollar, Goldman Sachs’ CEO said during a televised appearance Wednesday.  

In an interview with CNBC “Squawk Box” host Andrew Ross Sorkin, Goldman head David Solomon said Bitcoin is not in competition with the U.S. dollar—a major sticking point for proponents and critics of the digital asset. 

“I don’t see Bitcoin as a threat to the US dollar,” Solomon said. “At the end of the day, I’m a big believer in the U.S. dollar… [and] Bitcoin is a speculative asset, an interesting speculative asset.”

Bitcoin’s critics argue the digital currency could undermine the strength of the U.S. dollar, diminishing the United States’ economic might. Meanwhile, the coin’s supporters say its volatility and design limit its utility as a currency. And for that reason, they argue, Bitcoin could never practically compete with the U.S. dollar. 

But whether Bitcoin is likely to give the U.S. dollar a run for its money, one thing is clear: Banks such as Goldman Sachs are rushing to invest in it.

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Author: Liz Napolitano